Robinhood Markets (NASDAQ:HOOD) Stock Price Up 3.6% After Analyst Upgrade

Robinhood Markets, Inc. (NASDAQ:HOOD) traded up 3.6% during trading on Tuesday after Truist Financial upgraded the stock to a strong-buy rating. The stock traded as high as $120.70 and last traded at $119.40. 20,858,236 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 39,118,715 shares. The stock had previously closed at $115.26.

A number of other equities analysts have also issued reports on the stock. Morgan Stanley increased their target price on shares of Robinhood Markets from $110.00 to $146.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 1st. Cantor Fitzgerald lowered their price objective on shares of Robinhood Markets from $155.00 to $152.00 and set an “overweight” rating on the stock in a research note on Thursday, December 11th. Citigroup upped their target price on Robinhood Markets from $120.00 to $135.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. Barclays increased their price target on Robinhood Markets from $168.00 to $171.00 and gave the company an “overweight” rating in a research note on Friday, December 12th. Finally, JMP Securities boosted their price objective on Robinhood Markets from $130.00 to $170.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 9th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $137.25.

Insider Buying and Selling

In related news, insider Steven M. Quirk sold 49,942 shares of the company’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $131.15, for a total value of $6,549,893.30. Following the completion of the sale, the insider owned 54,496 shares in the company, valued at approximately $7,147,150.40. This represents a 47.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vladimir Tenev sold 750,000 shares of the stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $139.73, for a total value of $104,797,500.00. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 3,686,763 shares of company stock valued at $475,858,262. Insiders own 14.47% of the company’s stock.

Institutional Investors Weigh In On Robinhood Markets

Hedge funds and other institutional investors have recently made changes to their positions in the company. HighTower Advisors LLC raised its holdings in shares of Robinhood Markets by 6.4% in the 1st quarter. HighTower Advisors LLC now owns 50,264 shares of the company’s stock valued at $2,092,000 after purchasing an additional 3,032 shares during the period. Wellington Management Group LLP increased its position in Robinhood Markets by 3.1% during the first quarter. Wellington Management Group LLP now owns 16,261 shares of the company’s stock worth $677,000 after buying an additional 486 shares during the last quarter. Metavasi Capital LP increased its position in Robinhood Markets by 275.0% during the first quarter. Metavasi Capital LP now owns 75,000 shares of the company’s stock worth $3,122,000 after buying an additional 55,000 shares during the last quarter. Venture Visionary Partners LLC raised its stake in Robinhood Markets by 63.0% in the second quarter. Venture Visionary Partners LLC now owns 125,420 shares of the company’s stock valued at $11,743,000 after buying an additional 48,494 shares during the period. Finally, Canada Pension Plan Investment Board lifted its position in shares of Robinhood Markets by 114.8% in the first quarter. Canada Pension Plan Investment Board now owns 369,900 shares of the company’s stock valued at $15,395,000 after buying an additional 197,673 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

Robinhood Markets Trading Up 1.2%

The company has a 50 day moving average price of $129.54 and a 200 day moving average price of $113.17. The company has a market capitalization of $105.35 billion, a P/E ratio of 48.61, a P/E/G ratio of 2.33 and a beta of 2.43.

Robinhood Markets (NASDAQ:HOOD) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.20. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.15 billion. Robinhood Markets had a net margin of 52.19% and a return on equity of 21.74%. Robinhood Markets’s quarterly revenue was up 100.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.17 EPS. As a group, sell-side analysts forecast that Robinhood Markets, Inc. will post 1.35 EPS for the current fiscal year.

Robinhood Markets Company Profile

Robinhood Markets, Inc operates financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds (ETFs), American depository receipts, options, gold, and cryptocurrencies. The company offers fractional trading, recurring investments, fully-paid securities lending, access to investing on margin, cash sweep, instant withdrawals, retirement program, around-the-clock trading, and initial public offerings participation services.